Ben Einstein has a quick read on Bolt.io’s blog about risks to manage and/or mitigate when launching hardware products. The graph below is overly simplistic by design, and is a good matrix to consider where your product falls in the plot lines – are you more or less prone to product, or technical risks, or both? If the latter, watch out!
While first generation products are always plagued with bugs, fail whales, and even the occasional mass-recall, most companies can bounce back from these setbacks. They build great customer support teams, release version two, and turn unhappy customers into believers. So with all the venture dollars and a talented team, why wasn’t Coin able to overcome?
Every startup is a constant struggle to manage and mitigate risk. When it comes to hardware startups, there are two types risk that are manageable on their own, but when combined often spell failure: technical risk and product risk.
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